How Rupert Murdoch Changed Sports Media Forever
Sinclair Broadcasting Group provided some insight into the company’s upcoming sports streaming service during a first-quarter earnings call, reporting revenue of $1.29 billion — a 14.8% year-over-year decline.
In early 2021, Sinclair announced the rebranding of the regional sports networks it acquired for $9.6 billion in 2019 from Disney, which now carry the Bally Sports name. A little over a year later, it valued the networks at $4.23 billion.
In June 2021, the company announced it was looking to raise $250 million for its new sports streaming service. This January, it secured $600 million and a broadcastings rights deal with the NBA.
On Wednesday, new details about the service were revealed.
- CEO Chris Ripley referred to the service as Bally Sports+.
- The service will cost $189.99 annually or $19.99 per month.
- Comparatively, ESPN+ costs $6.99 per month, NFL Sunday Ticket is $74 per month, and NBA League Pass Premium costs $29.99 per month.
Sinclair owns broadcasting rights to 38 MLB, NBA, and NHL franchises that are already available on its stations. The broadcaster has streaming rights for all NHL and NBA teams, and is having “constructive dialogue” with other leagues and teams.
Q1 advertising revenue reached $371 million.
Tightening Things Up
During the quarter, the company consolidated Diamond Sports Group, which announced a new board of managers on Monday. DSG, a sports marketing company, is the subsidiary overseeing the Bally Sports regional sports networks and DTC app.
Sinclair says it will still hold “nearly 100%” of DSG’s ownership.
